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There are 3 companies that I know of that offer secured credit cards for canadians. Capital One Canada offers one. 8 years ago, when I was in severe financial trouble and I couldn't get a credit card to save my life Capital One offered me a secured credit card where I had to put $75 down as the security deposit and the maximum on my credit card was $200. I would buy something and pay it off each month and the credit limit quickly rose to $1200. Mind you, they have never given back the $75. I will have to phone and ask why. The 2 other companies that I know of that offer secured credit cards are HorizonPlus Financial Ltd and Home Trust Visa. HorizonPlus offers a MasterCard. Both of these companies want you to put down a minimum of $1000. for a security deposit against the card and that will be your credit limit. The more you put down the higher your credit limit.
There is a fairly new credit card on the market which is a prepaid credit card. You put money on the card and it works like a credit card. Go to this site here for more info www.prepayedge.ca. Good luck, I hope this info helps.
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